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SAND price analysis: SAND/USD struggles for $6

SAND

TL;DR Breakdown

  • SAND price analysis appears to be bearish.
  • The strongest resistance is present at $6.7.
  • The strongest support is present at $5.6.

SAND price analysis for December 29, 2021, reveals that the cryptocurrency is following a head and shoulder movement. The price has suffered a great decline in the past few days. The price shied away from $7 and suddenly started to decline; on December 27, 2021, the cost of SAND/USD went from $6.7 to $6.4; the next day, the price kept dropping and went to $5.7. The price fluctuated between $5.7 and $6.4 until the next day when it finally reached $5.9, which is the current price for SAND.

SAND/USD 4-hour price analysis: The Sandbox stuck in strong bearish momentum

SAND price analysis reveals the market’s volatility to be following a somewhat inclining trend, meaning that the SAND/USD price is becoming more prone to experiencing variable change. The upper limit of the Bollinger’s band is present at $6.9, serving as the strongest resistance. The lower limit of the Bollinger’s band is current at $5.6, representing the strongest support.

The SAND/USD price appears to be crossing under the Moving Average curve, signifying a bearish movement. The price can be following an upwards path and may cross over the curve of the Moving Average soon, showing the possibility of a reverse trend.

SAND price analysis: SAND/USD struggles for $6 1
SAND/USD 4-hour price chart source: Trading view

The Relative Strength Index (RSI) is 34 signifying a stable value for the cryptocurrency. The RSI can be seen following a slight declining path which may indicate a reverse trend sometime in the future.

SAND price analysis for 1-day: SAND/USD escape the squeeze

SAND price analysis shows the market’s volatility following an inclining path, which signifies the increase in the probability of the SAND/USD price undergoing variable change. The cryptocurrency has just come out of a squeeze in the market, which resulted in a significant increment in the market’s volatility. The upper limit of the Bollinger’s band is present at $6.7, which serves as the strongest resistance. The lower limit of the Bollinger’s band is present at $4.1, which represents the strongest support.

The SAND/USD price appears to be crossing under the curve of the Moving Average, indicating a bearish movement. The market trend has just shifted from a bullish sign showing that the bears have recently taken control of the market.

SAND price analysis: SAND/USD struggles for $6 2
SAND/USD 1-day price chart source: Trading view

The Relative Strength Index (RSI) is 54, indicating a rather stable value for the cryptocurrency. The RSI path can be seen moving steadily in a straight line symbolizing maximum stability for the SAND/USD price.

SAND Price Analysis Conclusion: Bears snatch the market

Careful observations from the SAND price analysis have deduced that the bears have taken complete market control. The price was expected to reach $7 before Christmas; now, the cryptocurrency struggles for $6. However, the market’s momentum changed and now indicates that there is a chance that the bears will maintain the market trend for the time being. The bulls can make a comeback, but that’s the less likely scenario.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Dennis Mugambi

Dennis Mugambi

Dennis is a content writer with a deep understanding of the blockchain domain and cryptocurrency field. He infuses cold data with flair to make technology and finances mind-blowing. His reports both fascinate and awaken the readers.

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